Stamp Duty Holiday – What does this mean?
During the latest announcement, the Government has revealed a temporary Holiday on Stamp Duty to help cut costs for homebuyers on the first £500,000 of all home purchases.
What is stamp duty?
Stamp duty is the tax levied on property purchases. The tax applies to both freehold and leasehold properties – whether you’re buying outright or with a mortgage. It is calculated on the part of the property purchase price falling within each band.
What does the holiday mean for Shared Ownership?
The Stamp Duty Holiday will also apply to Shared Ownership, meaning for a limited time, you may also be able to benefit from paying zero stamp duty.
The change in law, combined with the reduced deposit required for a Shared Ownership home, makes buying a part buy part rent home even more attractive for those wanting to get on the property ladder.
For guidance and support with the Stamp Duty Holiday, the Gov.uk website has further information and a calculator to work out how much money you can save.
To take a look at our current portfolio of Shared Ownership homes in London and the South East, check out our website.
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